Sunday 22nd April 2018

Resource Clips


Posts tagged ‘nickel’

Selected bulk sample hits 2.46% cobalt, 6,173 g/t silver for Canada Cobalt Works’ Ontario project

March 16th, 2018

by Greg Klein | March 16, 2018

High grades continue as Canada Cobalt Works TSXV:CCW conducts underground bulk sampling at the past-producing Castle mine in eastern Ontario. A pulp assay on a 35-kilogram sample released March 16 showed 2.46% cobalt, 1% nickel and 6,173 g/t or 198.5 ounces per tonne silver.

Selected bulk sample hits 2.46% cobalt, 6,173 g/t silver for Canada Cobalt Works’ Ontario project

Visible cobalt mineralization can be seen
in the former Castle mine’s first level.

A metallic screen fire assay on a 66-gram native silver sample not included in the previous assay brought “a head grade of 818,254 g/t (26,307 ounces per tonne),” Canada Cobalt stated. The samples were selective and not representative, the company emphasized.

Samples came from the historic mine’s first level, where rehab engineers have observed cobalt mineralization in the stopes, Canada Cobalt added. In operation off and on between 1917 and 1989, Castle’s underground workings extend through 11 levels totalling about 18 kilometres.

Last month the company reported two mini-bulk samples, with one assaying 2.47% cobalt, 23.4 g/t silver, 0.68% nickel and 1.83 g/t gold, and the other showing 0.91% cobalt and 460 g/t silver. That followed two mini-bulk samples of 3.124% and 1.036% cobalt released in December. The company also has assays pending from a 2,405-metre surface drill program conducted last summer.

As for the former Beaver mine in Ontario’s Cobalt camp 80 kilometres southeast of Castle, in December Canada Cobalt released three composite samples averaging 4.68% cobalt, 3.09% nickel and 46.9 g/t silver.

Canada Cobalt appointed Ron Molnar as an adviser on the company’s proprietary Re-2OX process for extracting cobalt and lithium from used Li-ion batteries. “Molnar has designed, built and operated over 60 pilot plant circuits extracting, separating and purifying a wide range of metallic elements from cobalt to rare earths,” the company stated.

Canada Cobalt also plans to build a 600-tpd gold processing facility to be financed by Granada Gold Mine TSXV:GGM, which holds a project near Rouyn-Noranda, Quebec. The two companies share overlapping management and directors.

Canada Cobalt closed a private placement of $1.03 million in January.

Visual Capitalist looks at China’s staggering demand for commodities

March 4th, 2018

by Jeff Desjardins | posted with permission of Visual Capitalist

China’s staggering demand for commodities

 

Over 50% of all steel, cement, nickel and copper goes there

The Chart of the Week is a Friday feature from Visual Capitalist.

It’s said that in China, a new skyscraper is built every five days.

China is building often, and it’s building higher. In fact, just last year, China completed 77 of the world’s 144 new supertall buildings, spread through 36 different Chinese cities. These are structures with a minimum height of 656 feet (200 metres).

For comparison’s sake, there are only 113 buildings in New York City’s current skyline that are over 600 feet.

Unbelievable scale

It’s always hard to put China’s size and scope in perspective—and Visual Capitalist has tried before by showing you 35 Chinese cities as big as countries, or highlighting the growing prominence of the domestic tech scene.

This chart also falls in that category and it focuses on the raw materials that are needed to make all this growth possible.

Year of data Commodity China’s % of global demand Source
2017 Cement 59% Statista
2016 Nickel 56% Statista
2017 Coal 50% NAB
2016 Copper 50% Global X Funds
2017 Steel 50% World Steel Association
2017 Aluminum 47% MC Group
2016 Pork 47% OECD
2017 Cotton 33% USDA
2017 Rice 31% Statista
2017 Gold 27% China Gold Association, WGC
2017 Corn 23% USDA
2016 Oil 14% Enerdata

Note: Because this data is not all in one easy place, it is sourced from many different industry associations, banks and publications. Most of the data comes from 2017, but some is from 2016.

China demand > world

There are five particularly interesting commodity categories here—and in all of them, China’s demand equals or exceeds that of the rest of the world combined.

Cement: 59%
The primary ingredient in concrete is needed for roads, buildings, engineering structures (bridges, dams, etc.), foundations and in making joints for drains and pipes.

Nickel: 57%
Nickel’s primary use is in making stainless steel, which is corrosion-resistant. It also gets used in superalloys, batteries and an array of other uses.

Steel: 50%
Steel is used for pretty much everything, but demand is primarily driven by the construction, machinery and automotive sectors.

Copper: 50%
Copper is one of the metals driving the green revolution and it’s used in electronics, wiring, construction, machinery and automotive sectors primarily.

Coal: 50%
China’s winding down coal usage—but when you have 1.4 billion people demanding power, it has to be done with that in mind. China has already hit peak coal, but the fossil fuel does still account for 65% of the country’s power generated by source.

Posted with permission of Visual Capitalist.

Caution steadies the hand for Canada’s top miners: PwC

March 1st, 2018

by Greg Klein | March 1, 2018

Last year saw “few eye-popping deals and only limited financing activity” as TSX-listed mining companies responded cautiously to improved markets, according to a new PricewaterhouseCoopers report. Like many of their peers internationally, the big board’s top 25 miners focused on “paying down debt, improving balance sheets and judiciously investing in capital projects as commodity prices largely stabilized.”

The findings come from Preparing for Growth: Capitalizing on a Period of Progress and Stability, released March 1.

Gold, the raison d’être for most of the miners, fell 3% during the year ending September 30. During that period the 225 TSX-listed miners (down from 230 the previous year) lost 4% of their aggregate value, compared with a 10% combined improvement for other sectors. Miners slipped to a 9% share of the entire TSX market, compared with 11% the previous year, holding ninth place among industries on the exchange. (Financial services came in first.)

Barrick Gold TSX:ABX, still the world’s top gold producer despite Newmont Mining’s (NYSE:NEM) challenge, held top place among TSX mining market caps as of September 30. The top stock was Kirkland Lake Gold TSX:KL, with a 175% price increase over the full year, following its billion-dollar takeout of Newmarket Gold. The acquisition represented part of a trend of “mid-market, intermediate gold companies looking to build scale and gain efficiencies through consolidation,” said John Matheson of PwC Canada.

Two since-merged companies, Potash Corp of Saskatchewan and Agrium, followed Barrick with second and third place among TSX mining valuations. Currently at about $41 billion, the potash combination Nutrien Ltd TSX:NTR has far surpassed Barrick’s $16.8-billion market cap.

Nearly half of the 225 companies had valuations of $150 million or less. But the category between $150 million and $1 billion boasted 74 companies, compared with 59 the previous year.

Nineteen of the top 25 had exposure to gold, 10 to copper, seven to zinc, six to silver and four to nickel, PwC stated. The report noted increasingly bullish sentiment for copper, zinc, cobalt and lithium. The latter mineral did especially well for five companies, with an approximately 39% total increase in valuations over nine months to September 30 for Orocobre TSX:ORL, Lithium Americas TSX:LAC, Nemaska Lithium TSX:NMX, Avalon Advanced Materials TSX:AVL and Globex Mining Enterprises TSX:GMX.

But overall, TSX miners “raised only half the equity capital in 2017 that they did the previous year. And for the second consecutive year, there were no mining initial public offerings on the TSX.”

That contrasts with a more buoyant, although still cautious mood among Venture-listed junior miners reported in November by PwC, which found a substantial increase in market caps, financings, M&A and IPOs for TSXV explorers.

Download Preparing for Growth: Capitalizing on a Period of Progress and Stability.

Underground mini-bulk sampling brings Canada Cobalt Works 2.47% cobalt in Ontario

February 27th, 2018

by Greg Klein | February 27, 2018

Eastern Ontario’s former Castle mine gave up more high-grade assays as Canada Cobalt Works TSXV:CCW takes initial permitting steps for dewatering the underground workings and building a processing facility for another project. A 13-kilogram sample showed 2.47% cobalt, 23.4 g/t silver, 0.68% nickel and 1.83 g/t gold. A 14-kilo sample brought 0.91% cobalt, 460 g/t silver and anomalous nickel and gold. The company, formerly Castle Silver Resources, warned that the samples are selective and not necessarily representative.

Underground mini-bulk sampling brings Canada Cobalt Works 2.47% cobalt in Ontario

Two mini-bulk samples released in early December graded 3.124% and 1.036% cobalt, along with silver and nickel. Assays are pending from last summer’s 2,405-metre surface drill campaign, from where a single intercept released so far graded 1.55% cobalt, along with nickel, gold and silver over 0.65 metres.

The company’s now preparing to apply for government permission to dewater levels two to 11 of the former mine, which operated intermittently between 1917 and 1989.

With plans to build a 600-tpd gravity flotation cyanidation mill, Canada Cobalt has retained an engineering firm to begin earthworks studies for permitting. The plant would be financed by Granada Gold Mine TSXV:GGM to process material from its project near Rouyn-Noranda, Quebec, about 200 road kilometres away. Granada’s gold project reached pre-feasibility in 2014 and a resource update in June.

Canada Cobalt also holds the former Beaver mine in Ontario’s Cobalt camp, about 80 kilometres southeast of the flagship Castle project. In December the company released assays for three composite samples that averaged 4.68% cobalt, 3.09% nickel, 46.9 g/t silver and 0.08 g/t gold.

A private placement that closed in mid-January brought the company $1.03 million.

King’s Bay Resources reports initial drill results from Labrador nickel-cobalt project

January 16th, 2018

by Greg Klein | January 16, 2018

Although collared 150 metres apart, the first two holes on King’s Bay Resources’ (TSXV:KBG) Lynx Lake property both showed nickel-cobalt values above background levels over wide intervals.

King’s Bay Resources reports initial drill results from Labrador nickel-cobalt project

Lynx Lake has the Trans-Labrador Highway
bisecting the property, as well as adjacent power lines.

Hole LL-17-01 brought 0.058% nickel and 0.013% cobalt over 115.2 metres. LL-17-02 returned 0.057% nickel and 0.014% cobalt over 110.8 metres (not true widths). The thickness of the intervals and distance between the holes suggest “potential for a more localized zone of economic mineralization in the area,” the company stated. Assays for gold, platinum and palladium are expected later this month.

The initial drill campaign tested a small part of an approximately 24,200-hectare property. Under focus was the project’s West Pit, where airborne VTEM found a shallow anomaly of high resistivity measuring about 400 metres in diameter and 50 to 300 metres in depth. Historic, non-43-101 grab sample assays from the area graded up to 1.03% copper, 0.566% cobalt, 0.1% nickel, 5 g/t silver, 0.36% chromium, 0.39% molybdenum and 0.23% vanadium.

Other historic, non-43-101 grab samples from the property’s east side showed up to 1.39% copper, 0.94% cobalt, 0.21% nickel and 6.5 g/t silver.

King’s Bay now plans geostatistical and structural analysis to identify more drill targets. A field crew returns later this year.

Meanwhile a 6% copper grade highlighted last month’s results from the company’s Trump Island project in northern Newfoundland. Four of 15 outcrop samples surpassed 1% copper and also showed cobalt assays up to 0.12%.

In September King’s Bay offered a $250,000 private placement that followed financings totalling $402,000 that closed the previous month.

Visual Capitalist and VRIC 2018 look at the raw materials that fuel the green revolution

January 10th, 2018

by Jeff Desjardins | posted with permission of Visual Capitalist | January 10, 2018

 

Records for renewable energy consumption were smashed around the world in 2017.

Looking at national and state grids, progress has been extremely impressive. In Costa Rica, for example, renewable energy supplied five million people with all of their electricity needs for a stretch of 300 consecutive days. Meanwhile, the UK broke 13 green energy records in 2017 alone, and California’s largest grid operator announced it got 67.2% of its energy from renewables (excluding hydro) on May 13, 2017.

The corporate front also looks promising and Google has led the way by buying 536 MW of wind power to offset 100% of the company’s electricity usage. This makes the tech giant the biggest corporate purchaser of renewable energy on the planet.

But while these examples are plentiful, this progress is only the tip of the iceberg—and green energy still represents a small but rapidly growing segment. For a full green shift to occur, we’ll need 10 times what we’re currently sourcing from renewables.

To do this, we will need to procure massive amounts of natural resources—they just won’t be the fossil fuels that we’re used to.

Green metals required

Today’s infographic comes from Cambridge House as a part of the lead-up to its flagship conference, the Vancouver Resource Investment Conference 2018.

A major theme of the conference is sustainable energy—and the math indeed makes it clear that to fully transition to a green economy, we’ll need vast amounts of metals like copper, silicon, aluminum, lithium, cobalt, rare earths and silver.

These metals and minerals are needed to generate, store and distribute green energy. Without them, the reality is that technologies like solar panels, wind turbines, lithium-ion batteries, nuclear reactors and electric vehicles are simply not possible.

First principles

How do you get a Tesla to drive over 300 miles (480 kilometres) on just one charge?

Here’s what you need: a lightweight body, a powerful electric motor, a cutting-edge battery that can store energy efficiently and a lot of engineering prowess.

Putting the engineering aside, all of these things need special metals to work. For the lightweight body, aluminum is being substituted for steel. For the electric motor, Tesla is using AC induction motors (Models S and X) that require large amounts of copper and aluminum. Meanwhile, Chevy Bolts and soon Tesla will use permanent magnet motors (in the Model 3) that use rare earths like neodymium, dysprosium and praseodymium.

The batteries, as we’ve shown in our five-part Battery Series, are a whole other supply chain challenge. The lithium-ion batteries used in EVs need lithium, nickel, cobalt, graphite and many other metals or minerals to function. Each Tesla battery, by the way, weighs about 1,200 pounds (540 kilograms) and makes up 25% of the total mass of the car.

While EVs are a topic we’ve studied in depth, the same principles apply for solar panels, wind turbines, nuclear reactors, grid-scale energy storage solutions or anything else we need to secure a sustainable future. Solar panels need silicon and silver, while wind turbines need rare earths, steel and aluminum.

Even nuclear, which is the safest energy type by deaths per TWh and generates barely any emissions, needs uranium in order to generate power.

The pace of progress

The green revolution is happening at breakneck speed—and new records will continue to be set each year.

Over $200 billion was invested into renewables in 2016 and more net renewable capacity was added than coal and gas put together:

Power Type Net Global Capacity Added (2016)
Renewable (excl. large hydro) 138 GW
Coal 54 GW
Gas 37 GW
Large hydro 15 GW
Nuclear 10 GW
Other flexible capacity 5 GW

The numbers suggest that this is only the start of the green revolution.

However, to fully work our way off of fossil fuels, we will need to procure large amounts of the metals that make sustainable energy possible.

Posted with permission of Visual Capitalist.

The Vancouver Resource Investment Conference 2018 takes place at the Vancouver Convention Centre West from January 21 to 22. Click here for more details and free registration.

Copper crusader

December 29th, 2017

Gianni Kovacevic sees even greater price potential for the conductive commodity

by Greg Klein

Evangelist he may be, but Gianni Kovacevic’s hardly a voice crying in the wilderness. His favourite metal displayed stellar performance last year, reaching more peaks than valleys as it climbed from about $2.50 to nearly $3.30 a pound. But Kovacevic believes copper has a long way to go yet. That will be a function of necessity as the metal shows “the strongest demand growth of any of the major commodities.” Especially persuasive in his optimism, Kovacevic brings his message to the 2018 Vancouver Resource Investment Conference on January 21 and 22.

Gianni Kovacevic sees even greater price potential for the conductive commodity

Increasing copper demand will unlock
lower-grade resources, says Kovacevic.

As a researcher, commentator and investor who’s also the CEO/chairperson of CopperBank Resources CSE:CBK, co-founder of CO2 Master Solutions Partnership and author of My Electrician Drives a Porsche, he brings new approaches that link topics of energy demand, commodity supply and environmental stewardship.

Kovacevic sees a new paradigm driving copper’s future. “The invisible hand in commodities during the last cycle was China,” he says. “Its economic growth just came out of nowhere. This time the invisible hand is this pervasive use of copper in everything that’s electrified. That means even the smallest village in Africa, which per capita has negligible copper consumption, is becoming a line item. When you create, transfer and utilize greener and cleaner energy, it takes more copper by a power of magnitude. For example to establish a megawatt of windpower it takes five times more copper than it does a megawatt of conventional thermal-generated energy.”

Then there’s the battery-powered revolution and the attention it’s brought to lithium, cobalt and graphite. Saying “I like anything in electric metals,” Kovacevic stresses the importance of nickel as well. Still, “copper wins because the interconnectivity will always be copper and copper plays a role in each battery as well.”

That leads to a supply problem that can have only one solution. “I believe we’re going to have to make uneconomic deposits economic. And there’s only one way to do that—with a higher copper price.”

With no foreseeable hope of a copper mining “renaissance” comparable to the effect that fracking brought to oil and gas, the metal will simply require more money. “We’ve got the old legacy mines,” Kovacevic points out. “We’ve spent a lot of money on exploration in the last cycle and didn’t find a lot. What we do have is lower-grade resources. They are simply not economic at a low copper price.”

Gianni Kovacevic sees even greater price potential for the conductive commodity

Kovacevic: Electrical generation, storage and
connectivity put copper at the top of energy metals.

Apart from diminishing grades, the business of putting new mines into operation is “taking longer with water, electricity and permitting issues, and it’s getting into funkier places,” he continues. “The Elliott Wave [technical/fundamental analysis] on copper is $7.50 a pound. I find that very interesting. All the buy-out action in the copper space happened for the most part between 2006 and 2012. The mean price for copper during that time was about $3.50 a pound. The all-time high was about $4.50 for a short while, but the mean was $3.50.”

Copper’s 2017 performance makes that figure look viable again. Kovacevic, however, cites analysis from BHP Billiton NYSE:BHP stating that 75% of future projects will require more than $3.50. “Could we see a scenario in which the copper price goes past the old all-time high and stays there for a while? And will the buy-outs in the next wave, if they occur, be higher on average than those in the previous 2006-to-2012 cycle? I believe the answer will be yes. But if you look at the average grade that went through the top 15 copper producers’ mills in 2010, it was 1.2% copper. In 2016 it was 0.72% copper. So if you were mining 30 million tonnes a year, now you have to mine 40 or 45 million tonnes for the same metal yield. And without higher copper prices, that doesn’t make much of a business case.

“So the first question is, are we going to need more copper in the next five, 10, 15 years? The answer in my opinion is yes. In fact it has the strongest demand growth of any of the major commodities. And where will that copper come from? Well, it’s going to come from a mix of places but we’ll have to make these projects economic. That should bode well for people who have invested in the copper junior space.”

Addressing the topic of how investors might look at the energy revolution in 2018 and beyond, Kovacevic speaks at the 2018 Vancouver Resource Investment Conference, to be held at the Vancouver Convention Centre West from January 21 to 22. Click here for more details and free registration.

Castle Silver Resources samples 4.7% at a second Ontario cobalt project

December 9th, 2017

by Greg Klein | December 9, 2017

Update: Effective February 23, 2018, Castle Silver Resources begins trading as Canada Cobalt Works TSXV:CCW.

Recent work at the former Beaver mine shows why some Ontario silver past-producers have attracted Castle Silver Resources TSXV:CSR in its quest for cobalt. An initial field program collected three composite samples averaging 4.68% cobalt, 3.09% nickel, 46.9 g/t silver and 0.08 g/t gold.

Castle Silver Resources samples 4.7% at a second Ontario cobalt project

The individual breakdowns come to:

  • 4.746% cobalt, 3.985% nickel, 37.4 g/t silver and 0.06 g/t gold

  • 4.743% cobalt, 4.624% nickel, 26.9 g/t silver and 0.09 g/t gold

  • 4.554% cobalt, 0.676% nickel, 76.5 g/t silver and 0.09 g/t gold

The three composites came from selected hand-cobbed material gathered at surface and weighing a total of 38.7 kilograms. The samples don’t necessarily reflect the property’s mineralization, Castle Silver cautioned.

Located near the town of Cobalt and within the eponymous camp known for high-grade silver, Beaver shows similarities to Castle, another former silver mine and the company’s flagship, 80 kilometres to the northwest. Last week the company released assays from underground mini-bulk sampling at Castle that graded up to 3.1% cobalt. In November Castle Silver announced a drill intercept of 1.55% cobalt over 0.65 metres from the same property, the first assay from a summer drill program that sunk 22 holes totalling 2,405 metres. More assays are pending for both surface drilling and underground sampling.

The company also holds the former Violet silver-cobalt mine proximal to Beaver.

Noting an obvious discrepancy between Castle Silver’s moniker and its commodity of choice, president/CEO Frank Basa said the February AGM will consider a name change to “further build CSR’s brand in the Canadian cobalt sector with the company holding unique competitive advantages in the northern Ontario Cobalt region, including underground access at Castle and a proprietary metallurgical process (Re-2OX).”

Quebec acquisition brings Saville Resources precious, base and rare metals prospectivity

November 27th, 2017

by Greg Klein | November 27, 2017

A flurry of updates shows a new project, new faces and new financing for a rejuvenated Saville Resources TSXV:SRE. The company now moves into Quebec’s James Bay region by taking on the 3,370-hectare Covette property. Although it’s seen limited exploration so far, Covette underwent a 1,402-line-kilometre VTEM survey late last year, along with prospecting and sampling this year. The coincidence of EM conductors with magnetic highs suggests prospectivity for base and precious metals, the company reported. This year’s field program included pegmatite sampling for evidence of lithium.

Quebec acquisition brings Saville Resources precious, base and rare metals prospectivity

Of two historic, non-43-101 grab samples, one returned 4.7% molybdenum, 0.73% bismuth, 0.09% lead and 6 g/t silver; while the other showed 1.2 g/t silver and 0.18% copper.

An underlying greenstone belt could offer base and precious metals potential as well as pegmatite-hosted lithium and tantalum. “Komatiites have also been described in the region, with such rock types known to host significant nickel-copper massive sulphide deposits at other localities globally,” the company stated.

Covette lies just 10 kilometres north of the all-weather Trans-Taiga road, which runs parallel to the LG-3 transmission line.

Pending TSXV approval, Saville gets the property by paying Zimtu Capital TSXV:ZC $350,000.

Additionally, Saville announced Michael Hodge’s appointment as president/CEO/director. Having started his career in 1999 on the staking program for Commerce Resources’ (TSXV:CCE) Blue River tantalum-niobium project in British Columbia, Hodge has field experience on over 25 exploration projects as well as success in raising capital for junior miners.

Jody Bellefleur joins Saville as CFO, bringing over 20 years’ experience as a corporate accountant for the sector.

Saville also announced a private placement of up to $270,000. The company closed an $857,300 placement in July. Among other updates, Saville settled $219,000 in debt by issuing shares and warrants that would represent 18.7% of the company’s outstanding shares.

Castle Silver Resources drills 1.55% cobalt over 0.65 metres with nickel, gold and silver in Ontario

November 13th, 2017

by Greg Klein | November 13, 2017

Last summer’s drilling at Ontario’s former Castle mine “intersected mineralization in each and every hole,” Castle Silver Resources TSXV:CSR reported November 13. The one assay released so far hit 1.55% cobalt, 0.65% nickel, 0.61 g/t gold and 8.8 g/t silver over 0.65 metres starting near surface at 3.85 metres in downhole depth. The company estimates true width between 65% and 85%.

Drilling finished in late August when an originally planned 1,500-metre program completed 22 holes totalling 2,405 metres.

Castle Silver Resources drills 1.55% cobalt over 0.65 metres with nickel, gold and silver in Ontario

Castle Silver expanded its summer campaign
from 1,500 metres to 2,405 metres.

“Once again we’ve demonstrated how historical operators overlooked the potential for cobalt, gold and base metals at the Castle mine as they focused exclusively on the extraction of high-grade silver,” said president/CEO Frank Basa.

“We will carry out trenching to follow up on an array of new near-surface targets generated by this drilling in the immediate vicinity of the Castle mine. But our priority now is to complete final preparations to carry out critical trenching and drilling of untested structures on the first level of the mine.”

With intermittent production between 1917 and 1989, the former mine has 11 levels totalling about 18 kilometres of underground workings. “This does not include an unknown extent of drilled vein structures which were never mined, typically due to silver grades below a certain high-grade threshold, for which CSR has records,” the company added.

Using XRF analysis, an independent firm has found potential for high-grade cobalt mineralization within unmined structures along first-level adit drifts and walls. In July Castle Silver released results from an 82-kilogram bulk sample of vein material that showed 1.48% cobalt as well as 5.7 g/t gold and 46.3 g/t silver. As a result, the company re-evaluated five previous chip samples for gold, with results averaging 3.7 g/t. The samples originally assayed 1.06% cobalt, 5.3% nickel and 17.5 g/t silver.

Earlier this month Castle Silver and Granada Gold Mine TSXV:GGM announced a provisional milling agreement for a plant that would be located on Castle Silver’s property in Gowganda, Ontario. About a 204-kilometre drive from Gowganda, Granada’s project reached pre-feas in 2014 and a resource update in June.

Castle Silver closed the final tranche of a private placement totalling $1.2 million in June.